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Calamos Global Dynamic Income Fund (CHW)

Company Dividend Discount ModelIndustry: Asset Management - IncomeSector: Financial Services

Valuation Snapshot

Stable Growth$12.73 - $18.32$15.46
Multi-Stage$21.71 - $23.78$22.73
Blended Fair Value$19.09
Current Price$6.45
Upside196.00%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR202420232022202120202019201820172016
DPS-4.73%0.00%0.600.600.760.750.770.760.760.780.780.00
YoY Growth--0.00%-20.73%0.36%-1.61%0.29%0.99%-2.49%0.00%0.00%0.00%
Dividend Yield--8.70%11.49%13.42%7.24%9.83%9.40%9.97%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)115.18
(-) Cash Dividends Paid (M)76.64
(=) Cash Retained (M)38.54
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)23.0414.408.64
Cash Retained (M)38.5438.5438.54
(-) Cash Required (M)-23.04-14.40-8.64
(=) Excess Retained (M)15.5024.1429.90
(/) Shares Outstanding (M)63.8663.8663.86
(=) Excess Retained per Share0.240.380.47
LTM Dividend per Share1.201.201.20
(+) Excess Retained per Share0.240.380.47
(=) Adjusted Dividend1.441.581.67
WACC / Discount Rate9.11%9.11%9.11%
Growth Rate-2.00%-1.00%0.00%
Fair Value$12.73$15.46$18.32
Upside / Downside97.37%139.66%184.01%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)115.18114.03112.89111.76110.64109.54112.82
Payout Ratio66.54%71.23%75.92%80.62%85.31%90.00%92.50%
Projected Dividends (M)76.6481.2385.7190.1094.3998.58104.36

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.11%9.11%9.11%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)73.7074.4575.20
Year 2 PV (M)70.5572.0073.46
Year 3 PV (M)67.2969.3771.49
Year 4 PV (M)63.9566.6169.34
Year 5 PV (M)60.6063.7667.05
PV of Terminal Value (M)1,050.521,105.231,162.19
Equity Value (M)1,386.621,451.411,518.72
Shares Outstanding (M)63.8663.8663.86
Fair Value$21.71$22.73$23.78
Upside / Downside236.62%252.35%268.69%

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